Gold and stocks are trading in patterns that are nearly perfectly inverse. Gold may be peaking and stocks may be making a bottom. If that turns out to be true, I would take it as a very positive sign for the economy and the stock market.

Gold appears to be tracing out a broad top.

Stocks offer the mirror image of gold, tracing out a broad bottom.

The Brazilian Real ETF is still trying to break out. With the positive reports from transportation companies last week concerning shipment of goods to and from emerging markets, I suspect the Real will indeed go higher.

Int'l real estate ETF has broken the downtrend.

Emerging market bonds are showing a little too much exuberance for my taste. I don't think long term investors should be selling but I sure wouldn't chase them higher.

High yield bonds are again making new highs. Also a little overbought and you might get a correction to buy. It is hard to be too bearish on stocks with junk making new highs.

Brazilian small caps are leading.

Chile still making new highs.

Emerging market ETF back above the 200 day MA.

Israel is a bit of a laggard but I still like the fundamentals. It might play catch up.